Business news from the Fredericksburg region.
Eagle Village hotel to benefit from law
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The planned Hyatt Place hotel across U.S. 1 from the University of Mary Washington’s Fredericksburg campus is poised to be the first project in Virginia to benefit from a program enacted by the General Assembly last year.
The legislation allows tourism-related projects to receive a portion of state sales taxes back after hitting performance benchmarks. The Hyatt Place at Eagle Village could receive up to $310,000 in state sales taxes back over 10 years, on top of $310,000 in local tax rebates.
Fredericksburg City Council approved the local match, which is also contingent on the hotel’s generating sufficient tax revenue, employment levels and capital investment. City economic development officials expect to receive official confirmation of the state incentive approval soon.
The University of Mary Washington Foundation owns the planned 93-room hotel and the rest of Eagle Village. The vacant retail space next to but not including the Giant supermarket will be torn down to make way for the five-story, 66,500-square-foot hotel. Demo work is expected to begin in early July.